We understand Trust accounts.

They are accounts trusts can use to earn interest on money they don’t need to keep in a current account for day-to-day expenses. Most trust current accounts do not pay interest on positive balances, so if you keep surplus cash in your trust current account you are probably missing out on a simple way of making your money work harder and earning your trust extra revenue.

We accept applications from bare trusts, discretionary trusts, and personal injury trusts. The trust deed will need to be supplied as part of the application, and we’ll be required to verify the identity of all named individuals (settlors/testators, controllers and protectors, trustees, beneficiaries).

The primary account available is the Trustee Reserve Account, designed for those trusts without a current account established elsewhere. For those trusts already with a current account, we also offer a range of notice accounts and fixed term bonds, which you can find out more about by viewing the product guides here.

To find out more about the reserve account, please see What is the UTB Trustee Reserve Account? below.

The Trustee Reserve Account is an account that we offer to those trusts without an established current account elsewhere. Whilst it does not act as a current account, it does allow the trustees to manage the funds more easily, providing a place with flexibility where you can access the funds when you need to, helping you with the day-to-day running of the trust.

Each beneficiary of the trust can withdraw funds up to twice a month, with funds sent directly to their chosen nominated bank. Up to eight nominated banks are permitted per trust, meaning beneficiaries can have funds sent directly to them if they wish. Please see How do I withdraw funds from my reserve account? for more information.

Whilst the reserve account is aimed at trusts who do not already have a current account with another bank, if your trust wishes to switch from your current provider over to our Trustee Reserve account, you can do so.

For further information, please see our product guides here.

No, you do not need to use an intermediary to apply for a trust savings account with us – you can open an account with us directly if you prefer. For more details, please see How do I apply for a trust savings account? below.

The minimum initial investment for our reserve accounts is £15,000, and for our notice and fixed term trust accounts, the minimum is £5,000.

The maximum balance per account is £5,000,000.

If your funds are held in a bare trust, each eligible beneficiary is protected by the Financial Services Compensation Scheme (FSCS) up to £85,000. If any beneficiary holds a separate account with us, please note this protection cover incorporates all accounts held.

For funds held in a non-bare trust, the £85,000 protection cover is applied to the trust rather than the individual trustees. For any trustees with an interest in more than one non-bare trust, you are protected up to £85,000 per trust.

For more information on the FSCS protection, please visit the FSCS website or click here.

If you wish to apply for a trust savings account and already have a bank account set up in the name of the trust, please visit our product page [link to page where products will be listed] to open your account.

For those trusts without a bank account elsewhere, you will need to open a UTB Trustee Reserve Account first. To start this process, please register your interest here [link to ‘register your interest’ page] and our dedicated team will get in touch to talk through the next steps.

When submitting your application, you will need to provide details of your trust and any individuals you want to operate as signatories on your account. These details will be made clear in the application process. You will also need to provide a copy of the trust deed and the Trust Registration Service (TRS) document (where applicable).

We will also need to verify the identity of all named individuals (settlors/testators, controllers and protectors, trustees, beneficiaries). Whilst we run an electronic identity check upon receipt of the application, we may on occasion require manual documents or further information to confirm an individual’s identity.

Yes. We understand that many trusts will have beneficiaries who are ‘minors’, i.e. individuals under the age of 18. As part of our due diligence, we will need to carry out checks on any named individual in the application, including if they are mentioned explicitly by name in the trust deed.

Individuals referred to by relation only, such as ‘grandchildren of’, we will not require ID for. Any named individual under the age of 18 will otherwise need to provide certified ID as part of the trust’s application. Certification can be done by a number of people, including solicitors, financial advisors, and the post office.

We accept several forms of ID, including birth certificates, passports, National Insurance cards (if aged 16 or over), NHS medical cards, and child benefit or child tax credit documentation.

As part of our customer due diligence, there may be instances when we need clarification on the information you have provided. This doesn’t mean your application has not been accepted, but it may delay the account being opened. It is therefore important that any information you provide is up-to-date and accurate.

Yes. You can choose to split your funds over multiple accounts, but please note you are only permitted to have one reserve account per trust.

If you are an existing customer or intermediary and wish to open another trust account with us, you can do so via your online login.

Existing customers can access their online login here [link to relevant page].

Existing intermediaries can access their online login here [link to relevant page].

If you hold a trust reserve account, each of the beneficiaries can provide their own nominated bank account for withdrawals, where up to two withdrawals are allowed per month. Please note, however, this is subject to a maximum of eight nominated bank accounts per trust.

For all other trust accounts, only one nominated bank is permitted, which must be in the name of the trust.

You are only permitted to withdraw funds if you hold a notice account or a reserve account with us. For reserve accounts, please see How do I withdraw funds from my reserve account?

Early withdrawals are not permitted on our fixed term bonds, unless under exceptional circumstances. These may include if you are in financial hardship or suffering from a long-term illness and having access to your savings would help your situation. Early withdrawals are granted entirely at United Trust Bank’s discretion, and we may apply an early withdrawal charge for breaking your bond ahead of maturity.

If you are experiencing financial hardship, please find out how we can help here.

For withdrawals from our notice accounts, simply login to your online banking, select the relevant trust account and then choose the option ‘Make a Withdrawal’. You then just need to enter the amount you wish to withdraw and choose the date you would like the funds sent to you. If you are not yet an online banking user, you can register your details here.

Please note, to keep the account open you must have a balance of at least £15,000 left after the withdrawal. Any request will also need to be in accordance with the signing arrangements on your account, i.e. if your signing arrangements are set to ‘both’, ‘any two’ or ‘all’, the withdrawal will not be processed until we have received the appropriate approval from the other individual(s).

Withdrawals from reserve accounts are allowed, up to twice a month per beneficiary, and the funds will be sent directly to their personal nominated bank account.

To make a withdrawal, simply login to your account, select the relevant trustee reserve account and then choose the option ‘Make a Withdrawal’. You then just need to enter the amount you wish to withdraw and choose the date you would like the funds sent to you. Please note, to keep the account open you must have a balance of at least £5,000 left after the withdrawal.

Should you submit your withdrawal request by 5pm on a business day, the funds should reach your Nominated Bank Account on the same business day. Requests made after 5pm on a business day, or on a day that is not a business day, will be processed on the next business day.

If you make your withdrawal request in writing via post or by email and it is received by 2pm on a business day, the funds should reach your Nominated Bank Account on the same business day. Requests received after 2pm, or on a day that is not a business day, will be processed on the next business day.

The request must follow the signing rules and be received by the above respective times to be processed on the same day.

If you are not yet an online banking user, you can register your details here.

For more details, please see Sections XX and XX [NS1] of our Terms and Conditions.

To be updated when the revised T&Cs are live.

Statements are sent annually, either on the anniversary of the fixed term’s start date or, for our reserve and notice accounts, after interest is applied on 31 October each year.

Should you prefer more frequent statements, please email [email protected] or call us on 020 7190 5599 or freephone 0800 083 2228 between 9am and 5pm Monday to Friday, where our team will be happy to help you.

If you want to add or remove a signatory from your account, you will need to complete a new mandate form by visiting our ‘Change of details’ page here and following the steps under the ‘Changing Mandates’ section.

You will be redirected to a page hosted by our partner DocuSign, where you will find the form itself.

Please note, you will need to supply the existing signatories’ email addresses on the form so that they can agree to any changes you make.

If we are not able to confirm a new signatory’s identity electronically, we will ask you for a copy of their ID. We will let you know when we have updated the signatories.

We will contact you two weeks before your bond matures to ask what you would like to do with the funds.

For online banking customers, we will also send you a text message to confirm your account is approaching maturity, and you can login to provide your instructions from that day onwards.

If you are not registered with us online, you can sign up here. We will send you your username and password by email. This will arrive in the form of a secure link. You will need to provide a few characters of your National Insurance number for security before being able to view the document. Please ensure you check your junk or spam folder in case our email arrives there.

Should you not provide instructions before your maturity date, we will automatically transfer the full balance (including any interest earned) into your nominated bank. If you hold a UTB Trustee Reserve Account, we will transfer the funds there instead.

The easiest way to manage your account is via online banking. Register your details here to get started, and then you can login here. You will then be able to send us secure messages, arrange withdrawals, provide maturity instructions, serve notice, and more.

The UTB Trustee Reserve account can only be managed online, so please ensure if you have opened one of those accounts that you also register for online banking.

For our other trust accounts, these can also be serviced by calling us on 020 7190 5599 or freephone 0800 083 2228, or you can reach out to us via our contact form.

All trust types are eligible for online banking, though only your trust’s signatories will be able to sign up. To register your details, please click here.

After you have successfully registered your details, we will email you your username and a temporary password. This email should arrive within a few minutes. If it doesn’t, please check your junk or spam folders. You can then log in to online banking here. Please note, if you have not consented to email communications, your details will be sent by post.

To find out more about the access level you will have, please see Who can access online banking?

Only signatories for your trust will have access to online banking, which includes the ability to provide maturity instructions, change their personal details, and send secure messages.

There is no limit on how many signatories you can add to your account. If you would like to add more, please complete a mandate by heading to our ‘Change of details’ page here.

You will be redirected to a page hosted by our partner DocuSign, where you will find the form itself.

Please note, you will need to supply the existing signatories’ email addresses on the form so that they can agree to any changes you make.

If we are not able to confirm a new signatory’s identity electronically, we will ask you for a copy of their ID. We will let you know when we have updated the signatories.

To register your details, please click here. You will need your United Trust Bank account number, National Insurance number, email address and mobile phone to hand.

You will also need to ensure you have an email address and a mobile number registered with us. Please contact us on 020 7190 5599 or freephone 0800 083 2228 between 9am and 5pm Monday to Friday if you need to update your contact details.

After you have registered your details, we will email you your username and a temporary password. This email should arrive within a few minutes. If it doesn’t, please check your junk or spam folders. You can then log in to online banking here to complete your registration

Push Notification

Below is a short video guide on how to register for online banking using push notifications:

SMS Notification

Choosing SMS means we will use a text message to complete authentication using a one-time passcode sent to your registered mobile number.

An example of the message we send for Two Factor Authentication is displayed below. You only need to enter the numbers displayed in the SMS:

Dual authorisation is required when your signing arrangements are set to ‘both’, ‘any two’ or ‘all’ to sign, i.e. you have stated that in order to make any changes or provide maturity instructions on your account, two signatories must consent separately to the request.

For online banking, this applies when you wish to provide us with maturity instructions or give notice on any account held with United Trust Bank.

Dual authorisation is required when your signing arrangements are set to ‘both’, ‘any two’ or ‘all’ to sign, i.e. you have stated that in order to make any changes or provide maturity instructions on your account, two signatories must consent separately to the request. For online banking, this applies when you wish to provide us with maturity instructions or give notice on any account held with United Trust Bank

In the event that you hold a personal account and also act as a signatory for a trust, and you want to register both for online banking, you will need to complete the registration form separately for your personal online banking and your trust online banking.

This is because account numbers are directly linked to the customer type and profile, i.e. a personal customer can only see their personal accounts on online banking and a trust customer can only see their trust accounts.

If you act as a signatory for more than one trust, you will need to sign these up separately as well since only the relevant accounts for that trust will show online.